Bridie Robson, Author at Cardiffmoneyman

Is Critical Illness Insurance Essential?

Critical Illness – Are you Covered? | MoneymanTV

Critical illness cover is an insurance policy that supports you financially if you are diagnosed with a severe illness.

When taking out the policy, it’s important that you mention any underlying medical conditions you have. The conditions you have disclosed may not be covered by the policy. Furthermore, if you have failed to mention the underlying medical condition, this could potentially mean your policy would be voided in the event of a claim.

The financial support will be from a lump sum of money that is a one-off payment to help pay your mortgage, medical, or if needed, modifications to your home.

What does critical illness cover? 

The insurance will cover you in the event that you are diagnosed with a particular medical condition or injury that is stated within the policy.

It’s important that you read the policy thoroughly to understand which specific conditions are covered. This is due to the fact that the policy will not cover all instances of a certain illness.

It’s common for customers to confuse critical illness cover with life insurance. They are two insurances that can be purchased together, however, what they cover is very different.

Examples of critical illnesses that might get covered include: 

  • Stroke 
  • Heart Attack 
  • Certain types and stages of cancer 

    Permanent disabilities resulting from injuries and other illnesses that are not stated might still be considered in the policy.

What isn’t covered? 

The following that might not be covered within the policy could include more severe forms of cancer and other conditions. Health problems you knew you had before you took out the insurance will probably not be covered. Furthermore, this type of insurance doesn’t payout if you pass away.

What will and won’t be covered will be stated in the policy details therefore make sure you understand the policy and check all the documentation protects your needs.

Other types of insurance you might need 

Other types of insurance can provide support should something unfortunate happen to you. Below, are a list of some you might want to look into:

Our Critical Illness Insurance Advice service in Cardiff

At Cardiffmoneyman, we offer all our customers a free, no-obligation protection review where we will look into any existing policies you have in place and check if they are appropriate for you. It’s important to know that insurance is massively beneficial.

Affordability is key when looking into insurance. That’s why a protection specialist in Cardiff, like ourselves, can provide you with the best cover that is suitable to your circumstances and priorities your budget and family.

What do Lenders Look for When Assessing my Bank Statements?

What Do Lenders Look For On My Bank Statements? | MoneymanTV

Why does the lender need my bank statements and how do I obtain them? 

From a lender’s point of view, a bank statement provides an insight into your spending habits and determines if you’re trustworthy with paying on time. The presentation of your bank statements is essential because this evidence can be the difference in how much your lender will let you borrow or will lend you anything at all. 

Knowing how much a lender will let you borrow is all down to risk, however, a lender needs to know that you can handle your finances and be responsible. Remember, a mortgage is likely to be the biggest financial commitment you will ever make and is not something to be taken likely.

There are different ways you can obtain your bank statement, such as receiving your bank statement through the post from your bank or going into your local branch and getting it over the counter. It’s common to see these days that people will retrieve a printable version from their bank’s online platform.

What will lenders be looking for on my bank statement? 

Presenting your bank statement in a positive light is important, so the main question is, what are lenders looking for on your bank statement?

Again, the lenders want to know if you’re responsible when it comes to your finances. Therefore, overdrafts will be something they will look into. An overdraft is there for you to use and on occasions using it is not necessarily a bad thing, however, if exceeding your limit becomes a daily occurrence, this is going to affect the lender’s trust in you.

Another factor to be careful with is potential returned Direct Debits because this could show you are not consistently reliable. Furthermore, failure to disclose loans at the application stage will not make you look good to the lender because, as mentioned, this is a process of trust.

Another element that you need to be aware of is missed payments for personal loans and things such as credit cards. It’s more likely that a lender will aim to lend an amount closer to what you would like to borrow if you can meet your monthly payment deadlines. 

Will gambling affect my chances of getting a mortgage? 

This is a commonly asked question we hear from customers when they are looking at their bank statements. A history of gambling can be an issue many get themselves into. While the odd bet is harmless, frequent betting with large amounts of money can be an issue. Whether you’re making it back or not, a lender will see this as a disadvantage


To learn more, please see our article on “Do Gambling Transactions Look Bad on My Bank Statements? 

What can I do to show the lender I am reliable? 

When working with many first time buyers in Cardiff & home movers in Cardiff, we have found that the majority of mortgage lenders will require the applicants to obtain at least three months’ bank statements from an applicant. This can differ for the self-employed

With this in mind, you theoretically have three months to work on your finances. Start to think more about the future and begin working on your finances at this time. We recommend that you take a break for a while if you are a regular customer of the local bookmakers or online gambling scene. This can be a benefit to your financial state as well as your mental health.

Another step we would suggest is to try to save money. Reducing the number of times you eat out, cancelling unneeded subscriptions, and reducing your purchases on unnecessary items can all help. By doing this, you can free up additional cash to pay your bills on time. 

This is all down to you being sensible and planning ahead of time to what you’re looking to do. Reducing the risk of bouts of debts and financial uncertainty will put you in a good situation with a lender.

Speak to a Dedicated Mortgage Advisor in Cardiff

If you’re a first time buyer, moving home, or self-employed, it’s always important to keep your finances on track. Getting in touch for specialist mortgage advice in Cardiff can help you if you’re feeling unsure when it comes to bad credit history. We are here to further your mortgage journey by advising the best we can.

Do Gambling Transactions Look Bad on My Bank Statements?

When it comes to your bank statement, lenders will be looking at various factors to see if you can keep up the mortgage payments. Over the years, we have seen an increase in inquiries regarding if gambling transactions look bad on their bank statements. 

What Do Lenders Look For On My Bank Statements? | MoneymanTV

Mortgage Questions to Consider

What has it got to do with the lender whether I gamble or not?

There is nothing illegal about licensed gambling so an occasional bet on the world cup or regularly using internet betting sites isn’t a problem. However, like a lot of gambling adverts, they do urge customers to gamble responsibly and these principles are the same when applying for a mortgage.

The role of the lender is not to tell you how to live your life or spend your money or even lecture you about the ethical rights and wrongs of gambling, however, they do have a duty (underscored by mortgage regulation) to be responsible when accepting customers for a mortgage.

Lenders may need to prove to the regulators that they are making well-thought decisions. Therefore, it isn’t unreasonable for the lender to have expectations of the people they lend to when it comes to their finances.

Think about it. If you were lending your own money to a ‘friend’, would you lend it to someone who frequently gambles or the one who doesn’t?

Is it still possible to get a mortgage if I’ve got gambling transactions on my recent bank statements?

Having the odd gambling transactions on your recent bank statement doesn’t automatically mean your mortgage application would get declined. As mentioned before, it is not illegal to gamble.

However, the lender will look into these transactions to see if they are reasonable and responsible. The factors that they will look at are the frequency of the transactions and the size of the transactions. Furthermore, they will take a deeper look into the individual’s account and the impact upon the account balance.

When it comes to these transactions, infrequent small amounts that make no impact on your regular credit bank balance are not likely to be regarded. If you’re in a situation where you bet most weeks or you have constantly overdrawn money, the lender is expected to see you as irresponsible and may decline your application

What else do lenders want to see on my bank statements?

Providing bank statements to your lender is required as it’s a way to show how you manage your money and helps the lender when deciding if you are financially reasonable or not through your bank statements.

Lenders are financial institutions that, either directly or as part of a wider group, often sell current accounts, overdraft facilities, credit cards, and personal loans. Because of this, they have an understanding that these things can all play a role in financial planning. 

You may find yourself using your overdraft, however, if maxing out your overdraft becomes a regular occurrence, this is not ideal. Lenders will look for things that could show your account is not handled well such as overdraft fees or returned direct debit.

Credit transactions from payday loan companies are another thing lenders will want to see (i.e. , if you put on your application that you have no other loans but regular loan payments appear then this could be a problem.)

As well as looking for any missed payments, they might also consider how much of a typical month gets spent overdrawn – i.e., measuring the sustainability of the mortgage by looking at situations such as if you only go into credit on payday and the rest of the monthly earnings get stretched.

What can I do to improve things?

The best way to improve things is to be sensible, and if possible, plan ahead. A bank would ask for up to three months of your most recent bank statements. This evidence will show your salary credits and all your regular bill payments.

If you know you’re likely to apply for a mortgage in the near future, it can be good to try to make sure that you avoid any of the above issues. Work on presenting your bank account in the best light and take a break from gambling.

You can find help from your mortgage broker in Cardiff as some lenders may ask for fewer bank statements than others or some may not even ask for them at all.

Being careful in the run-up to any mortgage application is best as lenders reserve the right to request bank statements in certain circumstances. Remember, if you do gamble, please gamble responsibly!

Get in Touch With a Mortgage Broker in Cardiff

A mortgage advisor in Cardiff can provide specialist advice if you are a first time buyer in Cardiff. They will be there to help you through your mortgage application and guide you through the whole mortgage process as well as getting you on track so that a potential lender may be impressed with your credit history.

Divorce & Separation FAQ’s

We understand that going through a divorce or separation with your partner when you have a joint mortgage together can be difficult. This guide provides you with a list of frequently asked questions that you may want to know when it comes to divorce and separation.

Do I need to keep paying my half of the mortgage?  

In any case, you still need to keep paying your half of the mortgage even if you are living elsewhere in the meantime.

Regardless if only one of you is living there at the moment, you are both held equally liable for the debt as you and your ex-partner both agreed to take out a joint mortgage. Therefore, you need to keep paying half of your mortgage until it gets paid off.
  
If you fail to pay your mortgage on time, it can harm both you and your ex-partner’s credit history. Failed mortgage payment could lead to repossession of the house if you do not keep up with repayments on your mortgage or any other debt secured on it.

When should I inform my lender?  

It’s best to inform your lender sooner rather than later. We recommend you mention this to your lender when you know you are separating. 

What are my options? 

1. Sell the property

If you have both agreed it is best to move out, sell up and pay off the mortgage, any equity left after the mortgage has been paid off will be split between you and your partner. In terms of who gets what in the leftover funds is a matter between yourselves.
 
Our trusted mortgage advisors in Cardiff are here if you decide to move out and look to purchase a new property. They can recommend you with the best deal, offering honest mortgage advice.

2. Continue to make those payments 

In some cases, where the divorce is on good terms, you can decide to stay and pay the existing mortgage. This option can be beneficial if your mortgage is fixed for a couple of years.

3. Stay in the property 

In the situation in which you or your ex-partner will live in the property, then the remortgaging of the property would be under the current resident in their sole name.

You will need to remortgage if you decide to become the sole owner of the property because there is an existing mortgage in joint names. From this, you will then need to take out a new mortgage in your sole name, meaning your affordability will be reassessed.

Can I get a second mortgage? 

Depending on your circumstance, yes you can get a second mortgage. When applying for a second mortgage, each lender will have different credit scoring systems they use and consider a range of factors. One main factor to look at when applying for a second mortgage is your current financial commitments. From this, you can determine if you can afford the second mortgage as there could be a risk of your application getting declined which could negatively affect your credit file.
  
The good news is that, here at Cardiffmoneyman, we can perform a search for you that won’t damage your credit file. The maximum amount you will borrow will be confirmed when we have the necessary information gathered.

From this, you can have a good idea of your budget and how much your monthly mortgage will be on top of your current financial commitments.

Moving away from your current financial commitments can be a challenge, however, this is why having an expert Mortgage Advisor in Cardiff by your side could be beneficial.

An experience like moving home can be stressful, especially when a complex situation like divorce or separation is added to the mix. Our caring and knowledgeable Mortgage Advisors in Cardiff will do their best to help you with this process.

What if I am in negative equity? 

Negative equity can happen when the value of your property falls. In the situation where your joint home is in negative equity and you are divorced, it can become a challenge to sell the house and pay off the mortgage in full.

The outstanding debt might have to be split between the two of you or follow and agree with your mortgage provider’s advice. 

The Costs of Buying a Home in Cardiff

Mortgage Advice on Home Buying Costs in Cardiff

With purchasing a home, regardless of if you’re a First Time Buyer in Cardiff or have experience in this business before, you will understand how costly and stressful the process can be. Buying and selling at the same time can make everything even more costly. Below is a list of the expenditures you will need to take into account when looking at your options in buying a new home.

What are the Costs Involved in Buying a Home?

Estate agency fees

If you are looking to sell a property, you will need to utilise the service of an estate agent. The price of this can vary depending on which agents you approach, therefore, it’s good to do your research to find the best estate agents with a favourable price tag. There are online estate agents that are usually cheaper as they don’t have to keep up with costs of running an office.

You might be looking a more tailored and accessible service and are not too concerned about fees as these usually require to pay an extra 1-2% of the price of your sale.

Normally, the fees are negotiable, in particular, those in a “seller’s market”. This usally means that agents are fighting to your instruction because of the lack of houses on the propert market.

Property survey fees

In the process of taking out a mortgage, the lender needs information on whether the property is worth the amount that you’re paying for it. You may in the fortuntate situation where your lenders offers you a free service. however, they may not send you a copy of the report.

In some cases, the lender may not offer a free valutation, therefore, you may need to pay a few hundred pounds for the costs of one. If you are looking to upgrade your property survey to a more detailed Homebuyer’s Report. With the more high end surveys, these will be more expensive option and you can expect to pay a four-figure sum for those types of survey.

Each survey varies in terms of what it details, therefore, it’s best to have an insight on the types ans which one is best for you. For more information about this, speak to your Mortgage Advisor in Cardiff who will advise you and help you choose the best type for you. A situation where a more detailed survey should be carried out is if you have a property that is old or not in the best shape structurally. From this, you can have insight on whether anyting needs repairng or replacing when it comes to move in.

Get in touch with our team today where we can connect you to dedicated Mortgage Advisor in Cardiff that provides an open and honest Mortgage Advice in Cardiff.

We usually, find that he cost to ugrade a property survey is a lot less than what it would cost for rapairs over the years. Instead of buying a property and having little idea of what you’re getting, you do have the option to upgrade and end saving yourself a lot of money further down the line.

Mortgage arrangement fees

In most cases, the mortgages with the lowest interest rates are usually accompanied by the highest fees. Setting up mortgages can be quite costly with the fees varying between zero to a few thousands pounds. Your dedicated Mortgage Advisor in Cardiff will reccomend the most cheapest and most appropriate product to fulfil your financial goals and circumstances, working out the total amount to pay over the product including all fees.

There is a high chance of being able to keep the interest as low as possible if you borrow a large sum of money. On the other hand, you may want to borrow a smaller amount of money. If you are in a similar situation, then you should be aware that it is normally cheaper to take out a mortgage without fees as a rule.

Normally, lender arrangement fees go onto your overall mortgage total. If you do decide to add a fee, you will be charged interest on the fee whcih can begin to accumulate over the course of the mortgage term.

Solicitor’s fees

For the legal aspects of your property purchase, you will need to seek the services of a soliticor. Your dedicated solicitor will need to run through a variety of things like whether the seller owns the property, who is in charge of maintaining adjoining fences and walls as well as finding out any future devleopments happening in the area. All these different factors can affect your ability to sell the house further down the line.

Solictor’s fees can vary with some ranging towards around the thousand pounds mark, however, this comes down to many factors. With this in mind, you need to know if the quote includes VAT and local searches.

Furthermore, we do suggest that you are careful when finding yourself a solicitor because not every solcitor is ‘on panel’ for all lenders. An expert Mortgage Advisor in Cardiff can guide you with identifying the best solicitor for your situation.

Stamp duty

You may find that your purchase is subject to Stamp Duty which is a tax that you will pay to the government. Be aware that the rules on which purchase are captured by this tax can somtimes change. therefore, it;s good to check on the government to see if this is payable.

Full details can be found here: https://www.gov.uk/stamp-duty-land-tax/

With Stamp Duty, you will usually pay this at completion time to your solicitor who will make the payment to the government on behalf of yourself.

Mortgage broker fees

The majority of mortgage broker will charge you for their expert work. The fee will usually be an amount that is summed up through the percentage of what the lender pays the broker for the work they carry out in their name. You may find that some mortgage broker will only request a charge off your if they were able to get a formal mortgage offer for you.

Removal fees

Many people usually think hiring a van and moving their furniture out themselves is more stragithforward than getting help from a removal company. Through our experience, we do find that removal companies are experienced in moving and tranporting furniture around. Therefore, it is normally simpler and less stressful to get them to help you instead of trying to ornagise it yourself.

Cardiffmoneyman.com & Cardiffmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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